KWEICHOW MOUTAI(SH:600519) Ge Long Hui·2025-10-16 05:04Core Viewpoint - After the double festival, technology stocks experienced a significant correction, while liquor stocks rebounded, leading to discussions about style switching in the market [1] Group 1: Industry Dynamics - During the double festival, liquor sales overall declined by 20%-30%, with high-end liquor prices dropping, enhancing their cost-effectiveness [2] - Guizhou Moutai held a marketing seminar for its sauce-flavored liquor series on October 15, signaling a recovery in sales, with a noticeable month-on-month increase in terminal sales since September [2] - The upcoming sugar and liquor conference in Nanjing from October 16-18 is expected to show marginal improvements in the industry after the correction of the alcohol ban [2] - The M2-M1 gap in September reached a year-low of 1.2 percentage points, indicating a shift towards more liquid loans, which could benefit consumption and investment [2] - Domestic economic stability is anticipated to gradually improve, with cyclical industries like liquor expected to re-enter a high growth phase [2] Group 2: Investment Opportunities - Notable investment targets include the Food and Beverage ETF (515170), which has seen a net inflow of over 800 million yuan over four consecutive days, focusing on liquor, dairy, and seasoning products [3] - The Consumption 30 ETF (510630) covers a full industry chain including liquor, food, and beauty care, tracking the Shanghai Consumer Index with key stocks like Yili, Guizhou Moutai, and Shanxi Fenjiu [3]